21 Jun , 2022 By : Kanchan Joshi
Inox Green Energy Services, a subsidiary of Inox Wind, has filed fresh draft papers with capital markets regulator Securities and Exchange Board of India (SEBI) to raise funds about Rs740 crore through an Initial Public Offering (IPO).
The IPO comprises fresh issuance of equity shares worth Rs370 crore and an offer-for-sale of equity stocks aggregating to Rs370 crore by promoter Inox Wind, according to the Draft Red Herring Prospectus (DRHP) filed on Friday.
Besides, the company may consider a pre-IPO placement. If such placement is completed, the fresh issue size will be reduced. Proceeds from the fresh issue will be used for payment of debt and general corporate purposes.
Inox Green Energy Services is engaged in the business of providing long term Operation and Maintenance (O&M) services for wind farm projects, specifically for Wind Turbine Generators (WTGs) and the common infrastructure facilities on the wind farm, which support the evacuation of power from such WTGs.
Last month, Inox wind's board approved proposal for the firm's subsidiary Inox Green Energy Services to raise funds an initial share sale. Inox Wind informed that the Board of Directors also accorded its approval to participate in the proposed offer for the sale of equity shares aggregating up to Rs400 crore.
On April 20, Inox Wind announced that its arm Inox Green Energy Services Ltd (IGESL) has decided to withdraw its proposed Rs740 crore initial share sale offer.
The company had filed the Draft Red Herring Prospectus (DRHP) for the proposed IPO on February 7 with the Securities and Exchange Board of India (Sebi). However, the draft IPO documents for the IPO were withdrawn on April 28, and the reasons for the withdrawal were not disclosed, as reported by PTI.